Turkey premium
Gap between the lira price of BTC or ETH on Turkish exchanges and the global price, after removing USDT/TRY.
Turkey premium (bps) = 10,000 x (local TRY price / (USDT-TRY reference x global USDT price) - 1). The TRY prices are the median of eligible order books on Turkish venues (BtcTurk, Bitlo, CoinTR, OKX TR, Binance TR, Bybit TR, KuCoin TR, Bitexen), read every minute; the USDT-TRY reference is built the same way, so the premium measures the coin gap and not the lira's own dollar premium. That second gap, USDT-TRY against the ECB USD/TRY fix, is published separately as the lira dollar premium. A premium is a price difference, not an executable arbitrage: fiat rails, fees, transfer time and withdrawal limits sit between the two prices. Turkey Premium Index. The headline on the board is the total premium against the official exchange rate, the same construction as the Kimchi premium: 10,000 x (BTC-TRY reference / (global BTCUSDT x ECB USD/TRY) - 1). It splits into a dollar leg (USDT-TRY against the ECB rate, the price of a digital dollar in Turkey) and a crypto leg (the premium above); the crypto leg is small by construction, so most of the information is in the dollar leg. A fixed 0-100 score reads the index on published anchors (-300 bps = 0, -100 = 20, -25 = 40, 0 = 50, +25 = 60, +100 = 80, +300 = 100) with five regimes: deep discount, discount, neutral, premium, strong premium.